Notice is hereby given, pursuant to section 29 of the Financial Reporting Act 1993 ("the Act"), that the Accounting Standards Review Board has approved the revised New Zealand Equivalent to International Accounting Standard 24 Related Party Disclosures (revised NZ IAS 24), which has been submitted to it by the Financial Reporting Standards Board of the
New Zealand Institute of Chartered Accountants.
The revised NZ IAS 24 is:
- to apply to all reporting entities and groups, the Crown and all departments, offices of Parliament and Crown entities, and all local authorities (each of which is defined in the Act) other than where expressly exempted by its terms, the terms of any other approved financial reporting standard or by law;
- to apply to annual periods beginning on or after 1 January 2011; and
- a Regulation for the purposes of the Regulations (Disallowance) Act 1989.
Earlier application of the revised NZ IAS 24 is permitted only where an entity complies, or has complied, with New Zealand Equivalent to International Financial Reporting Standard 1 First-time Adoption of New Zealand Equivalents to International Financial Reporting Standards.
The revised NZ IAS 24 supersedes NZ IAS 24 Related Party Disclosures (as issued in 2004).
The board therefore resolves to withdraw NZ IAS 24 Related Party Disclosures (as issued in 2004) when the revised NZ IAS 24 becomes effective for annual periods beginning on or after 1 January 2011.
Where early application of the revised NZ IAS 24 is permitted for an entity, NZ IAS 24 Related Party Disclosures (as issued in 2004) is deemed to be withdrawn in relation to that entity upon such early application.
Copies of the revised NZ IAS 24 may be inspected free of charge at the offices of the New Zealand Institute of Chartered Accountants, Level 7, 50 Customhouse Quay (PO Box 11342), Wellington, and 27-33 Ohinerau Street (PO Box 3334), Auckland.
Copies are also available on the institute’s website at
www.nzica.com
Dated this 18th day of November 2009.
KEVIN SIMPKINS, Chairman, Accounting Standards Review Board.